Buying a home will probably be the largest and most significant purchase you will make in your life. Although using the services of an attorney can easily add several thousand dollars to the cost of a real estate transaction, it’s often money well spent. Whether you’re a renter, home buyer, or seller, there are a number of reasons why you should not overlook the essentials of hiring a real estate attorney.
Most legal instruments related to real estate can be negotiated and changed just like most other contracts— and without an attorney, you may not fully understand how these changes may affect you. Linking up with a real estate attorney can be a good idea when you’re facing a difficult circumstance such as a foreclosure or short sale, or when you want to purchase a property that’s owned by the bank. A sales contract that does not have a clause allowing termination for a failed inspection can cost a buyer hundreds of dollars to cancel if the home is found to have a major problem, such as mold. Most real estate lawyers use an hourly rate for complex matters that require a lot of time and fixed rates for drawing up or reviewing documents.